Manufacturing businesses are exposed to a wide range of risks so it is vital you have reliable insurance. This type of insurance cover is not suitable for ‘click and buy’ websites so for your own peace of mind, it is wise and often more cost effective to use a professional broker.
Andrew Phillips Insurance Brokers understand the diverse range of risks that you, your employees and your business are exposed to on a daily basis. For your peace of mind, you will be dealing with a company that has over 25 years’ experience.
Below is a list (by no means exhaustive) of just some of the covers you may need to protect your business:
Insurance for your assets
Arranging the correct cover for your assets is critical if claims for damage and theft are to be dealt with quickly. Protection may be required for buildings, machinery, tenants’ improvements and stock as well as templates or tooling. You may need to consider goods in the open, in transit or at customers’ premises.
Public Liability Insurance
Public liability insurance protects your business against claims brought by others who declare that they were hurt or suffered a loss of property on your premises or elsewhere due to your negligence. For instance, if a visitor trips whilst on your premises or if you damage their property when delivering goods.
Product Liability Insurance
If a product that you manufacture injures someone or damages their property, you can be held liable. Product liability insurance will cover the costs of defending such an action and also pay any compensation awarded against you.
Business Interruption Insurance
A major incident such as a fire or flood can not only damage your assets but it also can have a long term impact on your turnover and profits. Customers might be forced to trade with your competitors and it might then be very difficult to attract them back to you. Recent research indicates that 80% of businesses fail after suffering a major catastrophe such as a fire. Correctly arranged business interruption insurance can help to prevent you becoming a statistic!
Directors’ and Officers’ Liability Insurance
Many company directors believe that should an individual or other organisation take action against them for an act they committed in the business, then they will be protected by their employer. They also believe that if the worst happened, then they would only be responsible for the value of their shareholding. These assumptions are WRONG. What if the company is prevented from covering such an action, or cannot afford it, or has gone into liquidation? The personal assets of the directors AND SENIOR STAFF can be at risk.
Action against individuals can be taken in connection with a wrongful act relating to financial handling, employment disputes, discrimination and health and safety. Even a spurious or malicious claim still has to be defended…at a cost.
Andrew Phillips Insurance can arrange suitable insurance to protect all directors and officers of the company against such a financial risk.
You may think your business is safe but are all your procedures documented, is all appropriate machinery inspected according to statute and are all risk assessments carried out? A firm was recently fined £7,500 plus costs following an injury to an employee because they did not have equipment inspected nor had they carried out risk assessments.
Andrew Phillips insurance can help put measures in place to reduce the likelihood of important matters being overlooked
For more details on how we can help protect your business, call us TODAY on 01527 834696 or CLICK HERE. We will be glad to help!